U.Today - According to media speculations from earlier this week, renowned digital currency trading platform Coinbase (NASDAQ:COIN) Global inc has as it seeks to quash the securities lawsuit brought on by the United States Securities and Exchange Commission (SEC).
The company’s chief legal officer (CLO) Paul Grewal revealed this filing through his official Twitter handle and noted that the firm does not offer 'investment contracts,' as alleged by the regulator.
Abiding by bold claims
The Coinbase legal brawl with the SEC is one of many enforcement actions that have been initiated by the latter thus far this year as the regulator seeks to stamp out every form of investment contract being offered by crypto firms operating in the United States.While its approach has stirred mixed reactions, Grewal categorically stated that the SEC has a very crucial precedent in which the Supreme Court has construed over the years what binds an agreement to be an investment contract. By ignoring this precedent, Grewal said the market regulator:
The trading platform has in its ability to win the securities lawsuit brought on by the SEC, and this filing for dismissal is yet another proactive way it is going on the offensive.